Thursday, November 15, 2012
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How Wall Street Rips You OffAuthor: Dale Ledbetter and Connie Becker
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About This Book
This book makes important points, albeit in scary fashion via horror stories that have happened to ordinary investors who trust the institutions and industry-run regulators who are "Wall Street". It walks readers through obstacles faced by the average investor in dealing with Wall Street and explores the ways in which Wall Street rips off investors. Importantly, it attempts to debunk the myth that the self-regulatory body FINRA provides meaningful protection for investors. (The term "Wall Street" in this book refers to broker-dealers who are registered with FINRA.)
Offering specific steps investors can take to defend themselves against the aggressive onslaught of Wall Street profiteers, the book shines light on a system designed to reward dishonesty and the lack of transparency.
Special attention is paid to three areas which have been sources of particularly egregious conduct on the part of Wall Street in recent years. Mutual funds, annuities (particularly equity indexed annuities and variable rate annuities), and structured finance products have victimized millions of trusting investors around the world.
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